Fuel cell and electrolyzer manufacturer Bloom Energy has reported a revenue of $401.2 million for the second quarter (Q2) of 2025, a 25.9% year-over-year (YoY) increase from $278.8 million. The revenue exceeded analysts’ expectations by $22.33 million.

The company’s earnings per share (EPS) came in at $0.10, exceeding analysts’ expectations by $0.08.

Its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) increased to $41.23 million from $10.21 million in the corresponding quarter last year.

The company reported a net loss of $42.61 million compared to $61.18 million in Q2 2024.

During the earnings call, KR Sridhar, Founder, Chairman, and CEO at Bloom Energy, highlighted the surge in demand for clean, reliable, and rapidly deployable power, especially from the artificial intelligence (AI) and hyperscaler segments. He confirmed Bloom’s direct agreement with Oracle to power its AI data centers. This partnership is Bloom’s first direct engagement with a hyperscaler, where Bloom will serve as both the primary and secondary power source for a standalone AI facility.

Sridhar elaborated on Bloom Energy’s plans to double its manufacturing capacity from 1 GW to 2 GW annually by the end of 2026. He explained that this expansion is driven by strong commercial momentum and a robust sales pipeline that justifies forward investment. Sridhar stated that Bloom is well-capitalized to undertake this scale-up, estimating approximately $100 million in total capital expenditure, which will be spread over multiple quarters.

Addressing tax incentives and regulatory policy, Sridhar provided clarity on the Investment Tax Credit (ITC) landscape. He affirmed that Bloom customers would continue to benefit from the ITC throughout 2025, as the company has secured sufficient supply under “safe harbor” provisions. This allows customers to claim the ITC at rates of 40% or 50%, depending on their location in or outside designated energy communities. Sridhar reassured investors that there will be no incentive for customers to delay purchases into 2026, as the reinstated ITC under the Biden administration will offer a flat 30% credit starting next year.

He further noted that Bloom’s continuous cost reduction efforts and the rising cost of grid electricity ensure that their solutions remain competitive and financially attractive even with the reduced future ITC rates. This favorable policy outlook is expected to serve as an additional tailwind for Bloom’s ongoing commercial growth.

The company expects full-year revenue to range from $1.65 billion to $1.85 billion and non-GAAP operating income to fall between $135 million and $165 million.

Bloom Energy reported a revenue of $326 million in Q1 2025, a 38.6% YoY increase from $235.3 million.